Seán Barrett (Dún Laoghaire, Fine Gael)
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Question 297: To ask the Minister for Foreign Affairs when the EU-Korea free trade agreement will be ratified at EU level and if he will make a statement on the matter. [41106/10]

Micheál Martin (Cork South Central, Fianna Fail)
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On 6 October 2010, the European Union and the Republic of Korea signed a Free Trade Agreement (FTA) in Brussels, immediately prior to the start of the fifth summit meeting between the two sides. Earlier, in May, both sides had signed an EU - Korea Framework Agreement, which provides a broad platform for bilateral cooperation, including on global political and economic issues.

The FTA itself is the most comprehensive free trade agreement ever negotiated by the EU. It eliminates tariffs on nearly all industrial products within 3 years, as well as eliminating tariffs on agricultural products. It will significantly liberalise trade in services, including telecommunications and financial services. The FTA will also open new opportunities for EU exporters in the Korean public procurement market, where EU companies will be better able to compete against local enterprises. Other issues of importance to exporters, such as trade facilitation (smoother customs procedures), clarity of regulation, dispute resolution and recognition of standards are also addressed in the FTA.

The FTA opens opportunities for Irish exporters of goods and services. Many of our top exports to South Korea will benefit from the liberalisation of trade provided for in the FTA. The main products in this regard include pharmaceuticals, electronics, medical devices and spirits.

It is proposed that Ireland will ratify both the FTA and the Framework Agreement in 2011 and that the necessary motions requesting Dáil Éireann to approve the terms and conditions of both Agreements will be submitted by the middle of next year.

The FTA will provisionally enter into force on 1 July 2011. Provisional application of the FTA will secure the principal benefits of the Agreement for European exporters at the initial stage pending the conclusion of internal ratification procedures by each EU Member State. The FTA will enter into force definitively on the first day of the month following the date that confirmation has been received that the relevant ratification procedures have been completed in all 27 EU Member States.

As required under the Lisbon Treaty, the Korea FTA has been referred to the European Parliament for its assent and I understand that the matter is currently being considered by the International Trade Committee (INTA). The European Parliament and the Council are also required to approve safeguard measures accompanying the FTA which protect the EU against any possible surges in imports from Korea that could undermine EU producers. Work is underway to get agreement between the Council and the European Parliament with a view to having the Safeguard Regulation adopted well in time for 1 July 2011.